Popular clothing store chain in Canada says it will be forced to close if it can't get bank loan
A Canadian fashion brand known for their suits may now have to sell 1500 of them in order to stay in business.
Judith & Charles posted on Instagram that this may be goodbye after almost 30 years following an unfortunate series of relief issues in the midst of the pandemic, during which they have been forced to close for in-person shopping.
We hope you and your family are in good health. We come to you today, urgently, and humbly, asking for your support. ⠀⠀⠀⠀⠀ In the last 8 weeks, our stores have been closed, resulting in a significant loss of sales and revenue for the company. Our wholesale shipping came to a grinding halt. This week, we were devastated to receive the news: Despite the BDC approving our government-sponsored loan, our long-term bank, TD Bank, has refused to support us on the account that the future of retail is too risky, effectively nullifying the BDC loan. If we do not successfully receive the Government loan we qualified for, we will have to close our doors. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ Virtually no other industry faces seasonality and deadlines like the fashion industry, and we are running out of time. For this reason we are reaching out to you to support us by making a purchase if you have the means in these difficult times. If our case is not appealed, the sale of 1,500 suits, or the equivalent, will provide us with the cashflow to continue producing and keep our doors open. Your continued loyalty and patronage, means the world to us. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ We hope to continue dressing you – the beautiful, smart and successful women that have literally embodied our brand for the last 28 years. Thank you. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀ See link in bio. #judithandcharles
Judith & Charles stores have been closed for eight weeks, and their wholesale sales have dropped. The company manufactures in Canada and employs over 200 Canadians.
"This week, we were devastated to receive the news: Despite the BDC approving our government-sponsored loan, our long-term bank, TD Bank, has refused to support us on the account that the future of retail is too risky, effectively nullifying the BDC loan," reads the caption of their Instagram post.
If they do not receive the government loan they already qualified for, Judith & Charles says they'll have to close their doors. As such, they're reaching out to customers to make a purchase at this crucial time if they have the means.
"If our case is not appealed, the sale of 1,500 suits, or the equivalent, will provide us with the cashflow to continue producing and keep our doors open," reads the Instagram post.
"When a 28-year-old profitable company cannot get support from the government, we must speak out," says Charles Le Pierrès, President of Judith & Charles.
If you want to help beyond balling out on a sick new suit, there's a super easy online form letter you can send out to appeal their case.
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